American Dream of Home Ownership Still Strong
Three out of four home owners — or 78 percent — say their homes are the best investment they ever made, according to Trulia.com’s biannual American Dream survey, which has tracked attitudes toward home ownership since 2009.
Despite foreclosures and underwater homes continuing to batter the real estate market, about 70 percent of Americans say they still view home ownership as being part of their American Dream, according to the survey.
“Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare,” says Pete Flint, CEO of Trulia.
The millennial generation is expected to drive the housing recovery. Eighty-eight percent of 18-34 year old renters say they want to be home owners one day, according to the survey.
“Millennials are now today’s most serious home buyers,” says Tara-Nicholle Nelson, consumer educator for Trulia. “Unjaded and largely untouched by the effects of the housing crash, this new generation of buyers will no doubt lead America from its current housing slump towards true recovery.”
The survey also showed that in some of the country’s hardest-hit regions of foreclosures and underwater homes, buyers are not being deterred by the sour market. In particular, in Southern and Western regions of the United States, 79 percent and 70 percent of renters say they plan to purchase a home.
Source: “Trulia Survey: 70 Percent of Americans View Homeownership as Part of Personal American Dream,” Trulia.com (Feb. 9, 2011)
